Nigeria’s GDP expands 3.46% in Q3’24 on services sector strength
Post AMUGE
November 25, 2024
Onome Amuge Nigeria’s gross domestic product’s (GDP) growth rate in real terms recorded a 3.46 percent increase in the third quarter (Q3) of 2024 compared to the same period last year, marking an improvement of 0.92 percentage points over the 2.54 percent growth recorded in Q3 2023, according to data released by the National Bureau […]
Nigeria’s unemployment rate drops to 4.3% in Q2’24
Post AMUGENovember 25, 2024
Business a.m. Nigeria’s unemployment rate dipped from 5.3 percent in the first quarter of 2024 to 4.3 percent in the second quarter of the year, according to the latest report from the National Bureau of Statistics (NBS) released on Monday. The “Nigeria Labour Force Survey Q2 2024” showed that while urban regions continued to battle […]
Weak revenue base raises concerns over FG’s N47.9trn 2025 expenditure
Post AMUGENovember 25, 2024
Onome Amuge In a development that threatens to exacerbate the government’s fiscal woes, the federal government recently tabled a N47.90 trillion budget proposal for 2025, far surpassing the initial N28.7 trillion budget approved for 2024, which was later increased to N35.06 trillion, following supplementary approvals. According to analysts, this ambitious proposal, indicative of the government’s […]
Analysts warn of financial fallout as Senate approves Tinubu’s $2.2bn loan
Post AMUGENovember 25, 2024
Nigeria’s debt-to-GDP ratio of over 50% harbinger of distress- LCCI CSOs task FG on fiscal discipline, self-reliance Onome Amuge President Bola Tinubu Nigeria’s national debt burden is about to bear an even heavier load as the country’s National Assembly recently gave its stamp of approval to President Bola Tinubu’s loan request for $2.209 billion ( […]
Federal transfers, reforms drive Nigerian States’ financial performance, Says Fitch
Post AMUGENovember 22, 2024
Joy Agwunobi Federal reforms are significantly affecting the financial landscape of Nigerian states, Fitch Ratings says in a new report. Oil-related transfers, which are a major component of monthly revenue distributed by the Federation Account Allocation Committee (FAAC), influence state’s revenue. Analysts noted that federal transfers are crucial for almost all states to cover their […]
Sanwo-Olu targets sustainability in proposed N3trn 2025 budget to Lagos Assembly
Post AMUGENovember 21, 2024
Onome Amuge Governor Babajide Sanwo-Olu of Lagos State, has tabled a N3 trillion appropriation bill for the year 2025 before the State House of Assembly, seeking their approval for the budget themed ‘Budget of Sustainability.’ The proposed budget, according to Sanwo-Olu, is a roadmap to ensure continued prosperity and resilience for Lagosians, prioritising sustainability in […]
FG, States, LGCs Share N1.411trn October 2024 Revenue
Post AMUGENovember 20, 2024
Business a.m. A total sum of N1.411 trillion, being October 2024 Federation Accounts Revenue, has been shared to the Federal Government, States and the Local Government Councils. The revenue was shared at the November 2024 meeting of the Federation Accounts Allocation Committee (FAAC) held in Bauchi State and chaired by the Accountant General of the […]
Inflation storm rages on in Nigeria as October rate hits 33.88%
Post AMUGENovember 18, 2024
Manufacturing sector suffers as inflation mows down profits Nigerian households lament Onome Amuge The Nigerian economy has been in a perpetual state of turbulence, with new economic troubles surfacing every week. One such persistent problem is inflation, which continues to rise and constrict the financial breathing room of every Nigerian citizen. Nigeria’s economy staggered under […]
FG approves N47.9tn budget for 2025 fiscal year
Post AMUGENovember 14, 2024
Onome Amuge The federal government has approved the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). The approved MTEF entails a proposed budget size of N47.9 trillion, with new borrowings of N9.22 trillion included in the total. Abubakar Bagudu, Nigeria’s minister of budget and economic planning, shared the details of the approved […]
Delta Assembly passes electricity power sector bill 2024 into law
Post AMUGENovember 14, 2024
Delta State House of Assembly has passed the Electricity Power Sector Bill, 2024. The executive bill which was given an accelerated hearing was passed into law on Wednesday after its third reading at the plenary presided over by Speaker Dennis Guwor. Emeka Nwaobi ,the House Majority Leader, had earlier moved a motion for the suspension […]